The Bank of Industry (BoI) has reaffirmed the federal government’s commitment to boosting Nigeria’s tech and creative sectors through strategic investments.
This comes as Nigeria, through its Investment in Digital and Creative Enterprises (iDICE) programme, made its first investment in a venture capital fund in Ventures Platform $64 million raise.
The iDICE program, managed by the bank and co-financed by the African Development Bank (AfDB), the Islamic Development Bank (ISDB) and Agence Française de Développement (AFD), was established to channel public and private capital into Nigeria’s digital and creative sectors.
The Managing Director of the bank, Mr Olasupo Olusi, said the investment is part of Nigeria’s drive to transform its economy through innovation in high-growth tech and creative enterprises.
“By investing in Ventures Platform’s Fund II, which serves as iDICE’s Technology Equity Fund for Nigerian startups, we are deepening the Federal Government’s objective of upscaling the Nigerian technology and creative sectors by catalyzing strategic investments in high-growth, technology-enabled enterprises and the innovation ecosystem,“ adding, Thereby contributing meaningfully to the nation’s broader economic transformation agenda, with a goal to create jobs at scale, but also empower high-growth entrepreneurs across the country.”
At its core, the iDICE programme seeks to equip Nigerians aged 15-35 with the skills to thrive in emerging digital and creative industries, to heighten their employability, spark innovation, and support entrepreneurs.
Under the iDICE programme, three broad components were established: Skills and Enterprise Development, Expanding Access to Finance, and Enabling Environment. The first pillar focuses on training youths in in-demand creative and technology skills, building a community of talent, and linking these young people either to employment or to the opportunity to launch their own ventures.
The second component which covers the investment in Ventures Platform, is Expanding Access to Finance, which addresses the persistent financing gap in Nigeria’s technology and creative sectors. The programme intends to provide equity or quasi-equity funding to startups, while also offering capacity-building support and grants to prepare enterprises for success.
Meanwhile, the Enabling Environment arm of the initiative focuses on regulatory, policy, and institutional reforms, putting in place the laws, programmes and business-environment enhancements necessary to make it easier for technology and creative firms to operate and flourish.
By combining training, funding access, and policy support within a five-year programme timeframe, the federal government aims to generate sustainable jobs, promote innovation, and create a more vibrant creative and technology sector.